The Wind Is Your Face

In your year in letter, you talked about 400 private software companies with an average private valuation of $3 billion each. So that's $1.2 trillion for the lot of them. It reminds me of Bitcoin when Bitcoin was feeling better. And these trillion dollar things just kind of popped up during the long era as one of your mentors, Professor. Desai at Harvard, the air of magical thinking. But I want to ask you, Jeremy, about the not altogether unpleasant five or six years in which you were on the outside looking in.